Stock Guru Profile – News
Mortgage Business Still Good in Growth Areas!
Prime Source Mortgage has a strong presence in Texas — and in the phenomenal growth areas of Texas which include Frisco and the Metroplex, as locals call the Dallas-Fort Worth region and the Austin to San Antonio Regions. (Link here to view branches.)
Texas is one of the best places to be in terms of the mortgage industry and as you can see from the list of PSMH branches, Texas plays an important role in their mortgage business. Economically Texas is still smoking, adding jobs at twice the national rate. Better yet, those new jobs are concentrated in well-paying fields like banking, advertising, and health care.
Jeff Updike, president of the MetroTex Association of Realtors, notes that prices in the Dallas-Fort Worth area appreciated only 4% to 5% a year during the real estate boom. “Without having the roller- coaster ride up, we do not have the roller-coaster ride down,” he says.
One trend is the increase in urban condo development. Such big- name companies as Ritz-Carlton and Mandarin are building condo- hotels near downtown, and W just finished a project, too. At a time of high gas prices, more suburban commuters are seeing the advantages of downtown condo living, Updike says. In July, the most recent period for which figures are available, condo sales were down 3%, but prices were up 14%, to a median of $131,500.
The credit crunch is hurting some first-time and move-up buyers – – those in the market for homes below $225,000. Lenders are demanding higher down payments from them, Updike says. “But our $1 million-plus market has done phenomenally well year after year,” he says. The credit squeeze “does not affect them.”
Dallas-Fort Worth sits at the center of the Interstate 35 corridor, a “megapolitan” galaxy of urban development that Virginia Tech researchers estimate will add 6.4 million new people and 2.8 million units of housing over the next two decades. Dallas also serves as the North American headquarters for international high-tech employers like Nokia and Ericsson. All of this makes Dallas one of the nation’s nine most global metros–cities that are hubs for international trade and foreign investment–according to an analysis by Moody’s Economy.com.
Dallas has largely avoided the boom-and-bust cycle, which is one reason this market is on track to post the best returns on housing of any major U.S. city during the next two years. An added bonus: The region’s service sector has escaped the collateral damage that comes when the bubble bursts and equity-driven spending dries up.
“Consumer spending is insulated from the housing market here,” says Celia Chen, an economist at Moody’s Economy.com. “Homeowners had less buildup in their property value, so they withdrew less in the form of home-equity loans.”
During the dotcom boom, Dallas’s sprawl turned bedroom communities like Plano into boomtown suburbs that saw their populations skyrocket. But now that Plano has filled up–and most service workers have been priced out–the action in housing is pushing north along the I-35 corridor to more affordable “greenfield” towns like the former agricultural communities of Allen, Frisco, and McKinney.
Mary Frances Burleson, CEO of Ebby Halliday Realtors, Dallas’s largest brokerage, advises buying into gated subdivisions. But she would also target older properties in more urban areas like Lakewood, a neighborhood east of downtown Dallas, as well as the nearby suburb of Richardson. “If I’d won the lottery last Friday, I’d be buying houses on 150-by 100-foot treed lots for $200,000 to $250,000,” Burleson says. “Then I’d tear down the houses and build 3,500-square-foot luxury homes with swimming pools. They’d triple in value.”
PrimeSource Mortgage, Inc., a wholly owned subsidiary of PSM Holdings Inc, acts as an agent or broker for mortgage lenders in real estate mortgage loan transactions, and solicits and receives applications for secured loans. PSMH will close an estimated 200 million dollars in home loans in 2007.
For the first seven months of the year, sales of single-family homes in Dallas were down 6%, and prices were flat compared with the same period a year ago. At the same time, condo sales were slow, though prices were up 10%.
PrimeSource Mortgage is licensed in twenty-four states: Alaska, Arizona, Arkansas, California, Colorado, Florida, Georgia, Idaho, Indiana, Iowa, Kansas, Louisiana, Minnesota, Michigan, Missouri, Nebraska, Nevada, New Mexico, North Dakota, Oklahoma, South Dakota, Tennessee, Texas, and Wyoming.
Sources: Suzy Parker, USA TODAY, Real Estate Center at Texas A&M University; NTREIS, National Association of Realtors , Ebby Halliday Realtors, Business Week
PSM Holdings, Inc.
1112 North Main Street
Roswell, NM 88201
Phone: (505) 622-5113
Email: psmortg@aol.com
Website: http://www.psmholdings.com
Investor Contact
Ron Hanna
(505) 257-2339
Source: PSMH and Reuters
About PSMH: PSM Holdings, Inc., through its wholly owned subsidiary, PrimeSource Mortgage, Inc., offers mortgage brokerage and financial services. It acts as an agent or broker for mortgage lenders, as the lender or principal in loan transactions, as well as solicits and receives applications for secured and unsecured loans. As of May 12, 2006, it operated through 30 offices in New Mexico, Texas, Oklahoma, Colorado, Nevada, and Arizona. PSM Holdings was incorporated in 1991 and is based in Roswell, New Mexico.
Forward Looking Statement: This press release contains statements, which may constitute “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of PSM Holdings Inc, and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
Disclosure: Pentony Enterprises LLC has been compensated $10,000 directly from the company for profile coverage. Pentony Enterprises is not a registered investment adviser or a broker/dealer. Pentony Enterprises LLC makes no recommendation that the purchase of securities of companies profiled in this web site is suitable or advisable for any person, or that an investment in such securities will be profitable. In general, given the nature of the companies profiled and the lack of an active trading market for their securities, investing in such securities is highly speculative and carries a high degree of risk.
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Primary SIC — Industry Classification 6163 – Loan brokers
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